DAE announces pricing of US$2.3bn Senior Notes

DAE Funding (DAEF), a wholly-owned subsidiary of Dubai Aerospace Enterprise (DAE) has priced US$500,000,000 aggregate principal amount of 4.00% Senior Notes due 2020, US$800,000,000 aggregate principal amount of 4.50% Senior Notes due 2022 and US$1,000,000,000 aggregate principal amount of 5.00% Senior Notes due 2024 (collectively, the Notes). The Notes will be fully and unconditionally guaranteed by DAE. DAE intends to use a portion of the net proceeds from this offering, along with cash on hand, to pay the cash purchase price for its previously announced acquisition of the AWAS group of companies, as well as for related fees and expenses, and any remaining net proceeds for general corporate purposes, which may include the future repayment of outstanding indebtedness. Settlement of the offering is expected to occur on August 4, 2017. Pending the consummation of the acquisition of AWAS, the gross proceeds of the offering will be placed into an escrow account with Wells Fargo Bank, National Association.